Cost-of-living overtakes climate change as chief concern of Irish consumers

The cost-of-living crisis has overtaken climate change and other environmental, social and governance (ESG) issues as the chief concern of Irish consumers, according to a new survey by the Irish arm of global investment firm Amundi.

The survey, carried out by Red C for Amundi, found that an overwhelming 97 per cent of Irish people are concerned about escalating living costs while 84 per cent are worried they won’t be able to maintain their standard of living into retirement.

Nearly three-quarters (71 per cent) of those aged 18-29 are also worried about job security.

Rising energy, food and, more recently, mortgage costs have placed an unprecedented financial burden on households here.

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Amundi’s survey found fewer Irish people had savings in 2022 – 69 per cent, down from 77 per cent in 2021 – but more than a third of respondents said they intended to save more in 2023.

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Of those who invested in 2022, the survey highlights significant gender and age divergences, with men aged 18-34 investing the most, and women over 55 having the lowest level of investment.

The asset manager’s annual survey aims to assess attitudes to ESG issues.

This report found world poverty is now the big concern for Irish people, overtaking global warming. While many people believe individual responsibility is important when it comes to protecting the environment, nearly half think individual actions are not enough, with 86 per cent putting the onus on world leaders to ensure that companies are prioritising environmental protection.

For the second year in a row, supermarket chains topped the list of companies most associated with sustainability, with Aldi taking the lead. SSE Airtricity also remained closely associated with sustainability despite rising energy costs.

Financial institutions gain some ground with Irish Life joining AIB and the Bank of Ireland on the list of recognised sustainable organisations this year.

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“This year’s survey shows the rising cost of living is a concern for many people in Ireland. Despite this, it is clear that environmental and societal concerns remain a priority for many,” David Harte, chief executive of Amundi Ireland, said:

“Given the low level of respondents that are familiar with the terms ESG and responsible investing, the onus is on the investment industry to better communicate what responsible investing is and how it can help to address the ESG issues that Irish people care about,” he said.